Senior notes payable and letter of credit facilities

6 Months Ended

Jun. 30, 2015

Senior notes payable and letter of credit facilities

Senior notes payable

As of June 30, 2015, TPRUSA had outstanding debt obligations consisting of an aggregate principal amount of $115.0 million of senior unsecured notes (the “Notes”) due February 13, 2025. The Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year, beginning August 13, 2015. The Notes are fully and unconditionally guaranteed by Third Point Reinsurance Ltd., and, in certain circumstances specified in the indenture governing the Notes, certain existing or future subsidiaries of the Company may be required to guarantee the Notes. As of June 30, 2015, the Company had capitalized $1.7 million of costs associated with the Notes, which are presented as a direct deduction from the principal amount of the Notes on the condensed consolidated balance sheets. As of June 30, 2015, the Notes had an estimated fair value of $113.3 million. The fair value measurements were based on observable inputs and therefore would be considered to be Level 2.

Letters of credit

As of June 30, 2015, the Company had entered into the following letter of credit facilities, which automatically renew unless terminated by either party in accordance with the required notice period:



	Facility		Utilized		Collateral		Renewal Date
June 30, 2015	($ in thousands)
BNP Paribas	$	50,000	$	3,913	$	3,913	April 2, 2016
Citibank	250,000		210,049		210,049		January 23, 2016
J.P. Morgan	50,000		41,867		42,286		August 22, 2015
Lloyds Bank	150,000		30,414		30,414		December 31, 2016 and 2018
	$	500,000	$	286,243	$	286,662